Mackenzie Financial Corp Cuts Holdings in NETGEAR, Inc. (NASDAQ:NTGR)

Key Points

• Mackenzie Financial Corp reduced its holdings in NETGEAR, Inc. by 39.1% during the first quarter, now owning 26,009 shares worth $636,000.
• NETGEAR reported earnings of $0.06 per share, exceeding analysts' expectations, with revenue for the quarter at $170.53 million, an 18.5% increase year-over-year.
• Insider selling has occurred, with directors Laura Durr and Sarah Butterfass selling shares, reducing their ownership percentages of NETGEAR stock.

Mackenzie Financial Corp reduced its position in NETGEAR, Inc. (NASDAQ:NTGR - Free Report) by 39.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,009 shares of the communications equipment provider's stock after selling 16,689 shares during the period. Mackenzie Financial Corp owned 0.09% of NETGEAR worth $636,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its stake in shares of NETGEAR by 19.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,917 shares of the communications equipment provider's stock valued at $81,000 after purchasing an additional 479 shares during the last quarter. CWM LLC increased its position in shares of NETGEAR by 35.4% during the 1st quarter. CWM LLC now owns 2,916 shares of the communications equipment provider's stock valued at $71,000 after purchasing an additional 763 shares during the last quarter. SG Americas Securities LLC raised its holdings in NETGEAR by 5.8% during the 1st quarter. SG Americas Securities LLC now owns 14,241 shares of the communications equipment provider's stock valued at $348,000 after buying an additional 780 shares during the period. Legal & General Group Plc raised its holdings in NETGEAR by 2.6% during the 4th quarter. Legal & General Group Plc now owns 32,902 shares of the communications equipment provider's stock valued at $917,000 after buying an additional 846 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in NETGEAR by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 100,562 shares of the communications equipment provider's stock worth $2,460,000 after buying an additional 881 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

NETGEAR Price Performance

NETGEAR stock opened at $24.85 on Thursday. The firm has a market capitalization of $720.90 million, a P/E ratio of 11.50 and a beta of 1.07. NETGEAR, Inc. has a 1-year low of $14.85 and a 1-year high of $31.55. The company's 50-day moving average is $27.94 and its 200 day moving average is $26.61.

NETGEAR (NASDAQ:NTGR - Get Free Report) last released its earnings results on Wednesday, July 30th. The communications equipment provider reported $0.06 EPS for the quarter, beating analysts' consensus estimates of ($0.16) by $0.22. NETGEAR had a negative return on equity of 3.24% and a net margin of 9.13%. The firm had revenue of $170.53 million for the quarter, compared to analysts' expectations of $162.06 million. During the same quarter in the prior year, the firm posted ($0.74) earnings per share. The company's quarterly revenue was up 18.5% on a year-over-year basis. Research analysts anticipate that NETGEAR, Inc. will post -1.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of NETGEAR from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd.

Insiders Place Their Bets

In other news, Director Laura Durr sold 4,387 shares of NETGEAR stock in a transaction on Friday, June 13th. The stock was sold at an average price of $28.39, for a total transaction of $124,546.93. Following the completion of the sale, the director directly owned 45,059 shares in the company, valued at approximately $1,279,225.01. This trade represents a 8.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sarah Butterfass sold 5,848 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $28.89, for a total transaction of $168,948.72. Following the completion of the transaction, the director owned 41,657 shares in the company, valued at approximately $1,203,470.73. The trade was a 12.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,000 shares of company stock worth $490,401 over the last quarter. Company insiders own 2.30% of the company's stock.

NETGEAR Profile

NETGEAR, Inc provides connectivity solutions the Americas; Europe, the Middle East, Africa; and the Asia Pacific. The company operates in two segments, Connected Home, and NETGEAR for Business. The Connected Home segment offers Wi-Fi routers and home Wi-Fi mesh systems, Wi-Fi hotspots, digital displays, broadband modems, Wi-Fi gateways, Wi-Fi range extenders, powerline adapters, and Wi-Fi network adapters; and provides value-added service offerings, including security and privacy, technical support, and parental controls.

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